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There may be few instances in which the superstition that only measurable magnitudes can be important has done positive harm in the economic field: but the present inflation and employment problems are a very serious one.

Friedrich August von Hayek

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Friedrich August von Hayek
Age: 92 †
Born: 1899
Born: May 8
Died: 1992
Died: March 23
Economist
Historian
Philosopher
Political Scientist
University Teacher
Vienna
Austria
Friedrich August von Hayek
Friedrich von Hayek
Friedrich A. von Hayek
Friedrich A. Von Hayek
F. A. von Hayek
Friedrich August Von Hayek
Hayek
F. A. Hayek
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Superstition
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Magnitude
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Inflation
Serious
Superstitions
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Employment
Economic
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Instances

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We must shed the illusion that we can deliberately create the future of mankind. This is the final conclusion of the forty years which I have now devoted to the study of these problems
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We shall never prevent the abuse of power if we are not prepared to limit power in a way which occasionally may prevent its use for desirable purposes.
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No human mind can comprehend all the knowledge which guides the actions of society.
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Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.
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At a time when most movements that are thought to be progressive advocate further encroachments on individual liberty, those who cherish freedom are likely to expend their energies in opposition. In this they find themselves much of the time on the same side as those who habitually resist change.
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Any man who is only an economist is unlikely to be a good one.
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Liberty is an opportunity for doing good, but this is only so when it is also an opportunity for doing wrong.
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I regard it in fact as the great advantage of the mathematical technique that it allows us to describe, by means of algebraic equations, the general character of a pattern even where we are ignorant of the numerical values which will determine its particular manifestation.
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If democracy is a means rather than an end, its limits must be determined in the light of the purpose we want it to serve.
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If we can reduce the risk of friction likely to lead to war, this is probably all we can reasonably hope to achieve.
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To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.
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Whenever it is necessary that one of several conflicting opinions should prevail and when one would have to be made to prevail by force if need be, it is less wasteful to determine which has the stronger support by counting numbers than by fighting.
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The Nobel Prize confers on an individual an authority which in economics no man ought to possess.
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Liberty'''.that condition of man in which coercion of some by others is reduced as much as possible in society
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Economic transactions between national bodies who are at the same time the supreme judges of their own behavior, who bow to no superior law, and whose representatives cannot be bound by any considerations but the immediate interest of their respective nations, must end in clashes of power.
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